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submitted 9 months ago by Stamau123@lemmy.world to c/world@lemmy.world

Japan has been eclipsed by Germany as the world’s third-biggest economy and has slipped into recession, according to data released Thursday, as the country battles a weak yen and an ageing, shrinking population.

Japan’s economy, now the world’s fourth-biggest, grew 1.9% in 2023 in nominal terms – meaning it is not adjusted for inflation – but in dollar terms its gross domestic product (GDP) stood at $4.2tn compared with $4.5tn for Germany.

The shift, coming more than a decade after it ceded second place to China, has been attributed to the yen’s sharp falls against the dollar over the past two years. A weaker yen eats into profits on exports when earnings are repatriated. The Japanese currency dropped by almost a fifth against the US dollar in 2022 and 2023, including a 7% fall last year.

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[-] xmunk@sh.itjust.works 11 points 9 months ago

Yea - it's like a monarchy... eldest son gets the throne, second gets a sack of raisins and the third son gets the crown. Just like how monarchies work.

[-] stellargmite@lemmy.world 4 points 9 months ago

“Sack of raisins” is a euphemism right? Something to do with Prince Andrew ?

this post was submitted on 15 Feb 2024
103 points (94.8% liked)

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